So let’s jump right in, shall we? You now have your inspection results, what do you do with this new information? Welcome to part five in the process for buying your house in Texas!
(If you’re lost, you can go back and read the other sections, in the links provided below:) Part: 1, 2, 3, 4, 5
Well, it depends. The inspection report can highlight some potential pitfalls of ownership while you own the home, or it can throw open the curtains on a big pile of reasons you should run screaming away from your beloved money pit. Your “pain tolerance” will dictate how much of the results of the report make you want to run. If you are a handy sort, or have the means to fix the issues that have arisen, maybe you aren’t scared off by the gaping wholes in the plumbing or sparking electrical, but keep in mind, if you have a loan you aren’t the only one concerned with the property condition, the lender is too. Your real estate agent should be experienced enough to know what items will cause a red flag on the appraisal, and with the lender, and be able to advise you accordingly. Every loan is different and knowing the details regarding your financing is key.
There are several ways to negotiate repairs. You can request the seller fix the items, reduce the sales price to an agreed upon number, or potentially have the seller contribute some money toward closing costs. There may be more creative options, but those are the most common 3 around these parts. So, let’s move forward on the assumption that you and the seller have come to some mutually agreeable compromise and you are going to move ahead with the sale of the property!
“CONGRATULATIONS! YOU’RE STILL UNDER CONTRACT!”
The Take Away:
Knowing as much as you can before you commit to the purchase is absolutely the best thing you can do. If there are things on the inspection report that need to be fixed, the option period is the time to negotiate them. And, as always, a reminder that I LOVE what I do and I LOVE talking about real estate, so if you have questions, please ask. Questions give me purpose, and they give me more blog topics too!
EXP Realty LLC, Dallas/Fort Worth, TX
